I am hearing that the bearings on cup anemometers often suffer fatigue after about two years.
Not sure it's time-related exactly, more dependent on accumulated wind run. But I'd have said perhaps 5 years in a typical location before significant errors start to creep in. And the better anemometer designs will have an easily replaceable speed nearing, eg Davis 6410 with a new bearing readily available as a spare part.
There are of course many anemometer designs out there ('anemometer' usually including direction as well as speed for more affordable instruments), with ultrasonic units being an obvious modern alternative, if relatively expensive. That said, I'm sure the market will always be there for a better mouse-trap, but it needs to be 100% compatible and price-competitive with whichever existing unit you envisage replacing.